JP2007272324A - System, method and program for selecting execution destination in security transaction - Google Patents

Abstract

<P>PROBLEM TO BE SOLVED: To provide a system and method for selecting the most satisfactory execution destination in a security transaction. <P>SOLUTION: This execution destination selection system 10 configured of a computer is provided with: a current price management system 200 for acquiring the latest current price information of a security to be traded in; an order reception system 300 for receiving the trading order of a specific security from a customer; an ordering system 400 for transmitting the received trading order; and an execution destination selection part 15 connected to those systems. The execution destination selection part includes an order reception data reception part 20; a current price information transmission instruction part 30; a current price information reception part 40; a current price information storage part 50; a priority order determination instruction part 60; a priority order storage part 70; and an order transmission instruction part 80. <P>COPYRIGHT: (C)2008,JPO&INPIT

Description

  The present invention relates to an execution destination selection system, an execution destination selection method, and a program for securities trading, and more particularly, an execution destination selection system and an execution destination selection method for automatically selecting an optimal execution destination in the whole country and placing an order for buying and selling securities. And the program.

  When conducting securities trading, the trading conditions such as the brand, quantity, trading type, and order price are communicated to the securities exchange via the securities company that is a member of the securities exchange from an investor wishing to conduct securities trading. . The stock exchange adds the order time to the received transaction conditions and manages it as a transaction condition record. For sell orders, the price is higher than the order price. For buy orders, the price is lower than the order price. The transaction is concluded with the matched price as the contract price for the transaction conditions. (See Patent Document 1)

Conventionally, the best execution market determined by each securities company or the best execution market designated by the investor has been selected as the order to place an order from among domestic stock exchanges.
JP 2001-144641 A

  However, stock exchanges with the largest number of transactions are often selected as the best execution market defined by each securities company, and the most advantageous stock exchange for investors is not necessarily selected. There was a problem that not.

  Therefore, if you place a purchase order at another stock exchange, even if it can be purchased at a low price, if a predetermined stock exchange is at a high price, trading will be established at a high price. There were many cases where it ended up.

  The present invention has been made to solve such a problem, and provides an execution destination selection system capable of issuing a sales order under the best trading conditions most advantageous to a customer when a sales order is issued.

  The execution destination selection system according to the present invention includes a market price management system that acquires the latest market price information of securities to be traded, an order receiving system that receives orders for buying and selling specific securities from customers, and an order that transmits an ordered trading order. An execution destination selection system configured by a computer comprising an ordering system and an execution destination selection section, where the execution destination selection section inputs the order data for ordering the purchase and sale of a specific security to the order reception system. When the order data receiving unit that receives the order data and when the order data receiving unit detects that the order data has been received, the market price that instructs the market price management system to transmit the market price information of the specific securities in the execution market Based on instructions from the information transmission instruction unit and the market price information transmission instruction unit, the market price information of the specific securities transmitted by the market price management system is converted to the market price management system. A market price information receiving unit received from the market price, a market price information storage unit for storing the market price information of the specific securities received by the market price information receiver for each data associated with the trading value, trading volume, and transaction execution destination, and market price information Priority order to read the market price information stored in the storage unit and instruct to store the sales price data in ascending or descending order while associating it with the trading quantity and trading execution destination and storing it in association with the priority order A priority storage unit for storing the market price information of the specific securities in which the priority, the trading value, the trading volume, and the transaction execution destination are associated with each other based on the instruction by the determination instruction unit and the priority determination instruction unit; , A transaction execution in which a trading order of a specific security is associated with a trading value based on a trading value with a higher priority stored in the priority storage unit and an order data received by the order data receiving unit Order placement system is composed of an order transmission instruction unit that instructs the order system to order the order in.

  The execution partner may be a stock exchange. Further, the order transmission instructing unit may place an order by dividing the sales quantity of the order data according to the priority order.

  The execution destination selection method according to the present invention is an execution destination selection method for selecting the best execution destination when placing a buy and sell order for securities to a trade execution destination, and is a data relating a selling price, a trading quantity and a trade execution destination. The computer determines the priority order based on the result of rearranging the predetermined data in the data table storing the data, and the computer orders the trade execution destination associated with the highest priority data. And when the computer determines that the trade order cannot be completed only by issuing the trade order to the trading execution destination associated with the highest-priority data, the lower rank order is determined according to the priority order. And issuing a remaining buy / sell order to a customer associated with the data.

  A program according to the present invention causes a computer to execute the execution destination selection method described above.

  As described above, according to the execution destination selection system and the execution destination selection method according to the present invention, since buying and selling is performed at a transaction execution destination that is most advantageous to the customer, customer satisfaction can be further enhanced.

  FIG. 1 is a block diagram showing a configuration of an entire system 100 including a securities trading system using an execution destination selection system according to the present invention. When an investor 110 visits a securities company and makes an application for buying or selling a securities, by inputting data from the face-to-face terminal of the securities company and the call center terminal 120, an order for buying and selling is issued to the securities trading system 130, and trading is performed.

  The stock exchange system 130 is connected to the stock exchange A160... The stock exchange Z170 through the communication line 135, and is also connected to the broker A140... Broker Z145 and the information vendor 150 through the communication line.

  The stock exchange system 130 including the execution destination selection system according to the present invention collects information on the price of securities such as stock exchanges, brokers, and information vendors, and acquires supply information of sell orders when a customer places a buy order. When the customer is a selling order, the demand information of the buying order is acquired, and the buying and selling is executed at a stock exchange meeting the customer's request.

  FIG. 2 is a block diagram showing a securities trading system including an execution destination selection system according to the present invention. FIG. 2 shows a market price management system 200 that obtains the latest market price information of securities to be traded, and an order receiving system 300 that receives orders for trading of specific securities that the customer wants to buy and sell (hereinafter referred to as specific securities). A securities trading system comprising an order placement system 400 for transmitting a trade order received and an execution destination selection system 10 is disclosed.

  The market price management system 200 acquires the latest market price information of the securities to be bought and sold. The latest market price information is information on the market price of securities from stock exchanges, information vendors, or brokers, and the supply and demand for each brand are shown as a list of selling and buying quotes. This market price information is generally called “board information”, and information is obtained for each stock exchange that is a trading execution destination. An example of the board information is shown in FIG.

  FIG. 3 is an example of tables 310, 320, and 330 showing market price information (plate information) that is stock price information at a specific time for each stock exchange of a specific security. Here, the board information of the Tokyo Stock Exchange, the Osaka Stock Exchange, and the Nagoya Stock Exchange will be described as an example, but the present invention is not limited to these stock exchanges.

  There are other stock exchanges in Japan, including the Sapporo Stock Exchange, Tokyo Stock Exchange, JASDAQ, Nagoya Stock Exchange, Osaka Stock Exchange, and Fukuoka Stock Exchange. Ambitious (registered trademark) on the Sapporo Stock Exchange. , Mothers on the Tokyo Stock Exchange, Centrex (registered trademark) on the Nagoya Stock Exchange, Hercules (registered trademark) on the Osaka Stock Exchange, Q-Board (registered trademark), etc. on the Fukuoka Stock Exchange To do.

  A table 310 in FIG. 3 is board information at a specific time on the Tokyo Stock Exchange of the specific securities. The table 310 shows the sales volume, price, and purchase volume. Specifically, the first line of the data is priced at 804 yen and sold 1000 shares, the second line is priced at 803 yen and 5000 shares, the third line is priced at 802 yen and 2000 shares, and the fourth line is priced The 801 yen has 4000 stocks, and the fifth line shows the supply of 3000 stocks at a price of 800 yen. These are called sell signs.

  On the other hand, the 6th line is 1000 shares at a price of 799 yen, the 7th line is 2000 shares at a price of 798 yen, the 8th line is 4000 shares at a price of 797 yen, the 9th line is 5000 shares at a price of 796 yen, The 10th line shows that there is a demand of 1000 shares at a price of 795 yen. These are called buy signs.

  In addition, the 11th line shows that 100,000 trading volumes were established on the current day, and the 12th line shows that the trading volume of the past day (average volume for a given period) was 200,000 shares. Yes.

  The table 320 similarly shows the board information of the Osaka Securities Exchange of the specific securities, and the table 330 shows the board information of the Nagoya Stock Exchange of the specific securities.

  According to the market price information (board information) shown in FIG. 3, if the purchase order of a specific security is a purchase order of 800 shares or less at 3000 yen on the Tokyo Stock Exchange, the sale is immediately established. This means that if the Osaka Stock Exchange has a buy order of 801 yen or less for 2000 shares or less, it means that trading is immediately established. On the Nagoya Stock Exchange, it is 800 yen or less for 6000 shares or less. If it is a buy order, it means that the transaction is immediately established.

  Returning to FIG. The order receiving system 300 receives a purchase order for a specific security from a customer. A customer may place a purchase order for a specific security by operating the customer's own terminal and transmitting the purchase order data through the Internet. May be performed by transmitting trading order data by inputting trading order data from a face-to-face terminal of a securities company or a call center terminal (not shown).

  The ordering system 400 transmits the sales order received by the order receiving system 300 in accordance with the instruction of the order receiving system 300. The order receiving system 300 is selected by the execution destination selection system 10 based on the board information of each stock exchange received by the market price management system 200 described above, and is ordered to a specific stock exchange that is the execution destination for the completion of trading. The ordering system 400 is instructed to place an order. Here, as described in the explanation of FIG. 3, buying and selling is established when the selling price matches the buying price.

  For this reason, the execution destination selection system 10 is connected to the market price management system 200 and the order receiving system 300, and determines the best board information for each execution destination supplied from the market price management system 200 and creates it as a table. Specifically, if the selling price is low, if the selling price is the same, the selling volume is large, if the selling volume is the same, the trading volume is high on the day, and if the trading volume is the same, the trading volume is high Judge as the best.

  FIG. 4 is an internal block diagram of the execution destination selection system 10 according to the present invention. FIG. 4 discloses an execution destination selection system 10 configured by a computer, and receives a market price management system 200 that obtains the latest market price information of securities to be bought and sold and orders for buying and selling specific securities from customers. The system includes an order receiving system 300, an order placing system 400 that transmits an ordered trade order, and an execution destination selecting unit 15.

  The execution destination selection unit 15 receives the order data receiving unit 20 that receives the order data when the order data for ordering specific securities is input to the order receiving system, and the order data receiving unit receives the order data. Is detected, the market price information transmission instructing unit 30 issues an instruction to transmit the market price information of the specific securities in the execution market to the market price management system 200, and the market price management based on the instructions from the market price information transmission instructing unit 30 The market price information receiving unit 40 that receives the market price information of the specific securities transmitted by the system 200 from the market price management system 200, the market price information of the specific securities received by the market price information receiving unit, the trading value, the trading volume, and the transaction execution The market price information storage unit 50 stored for each data associated with the destination, the market price information stored in the market price information storage unit is read, Based on instructions from the priority determination instruction unit 60 for instructing to store the purchase price data in ascending order or descending order and storing them in association with the priority order while maintaining the association, A priority storage unit 70 that stores the market price information of the specific securities in which the rank, the trading value, the trading quantity, and the transaction execution destination are associated with each other, and the higher ranking trading stored in the priority storage unit 70 An order transmission for instructing the order receiving system 300 to place an order to the trading execution destination associated with the trading value of the trading order of the specific security based on the value and the order receiving data received by the order receiving data receiving unit 20 An instruction unit 80 is included.

  The order data receiving unit 20 receives the order data when the order data for ordering the buying and selling of the specific securities is input to the order receiving system. Specifically, it is data of a specific stock, desired bid price, desired selling price, and desired number of shares of securities.

  When it is detected that the order data reception unit has received the order data, the market price information transmission instructing unit 30 instructs the market price management system to transmit the market price information of the specific securities in the execution market.

  The market price information receiving unit 40 receives, from the market price management system 200, the market price information of the specific securities transmitted by the market price management system based on an instruction from the market price information transmission instruction unit.

  The market price information storage unit 50 stores the market price information of the specific securities received by the market price information reception unit for each data associated with the trading value, trading volume, and trading execution destination. The market price information of the specific securities stored in the market price information storage unit 50 may be displayed on a display unit (not shown) as necessary.

  The priority order determination instruction unit 60 reads the market price information stored in the market price information storage unit, rearranges the trading value data in ascending order or descending order while maintaining the association with the trading quantity and the transaction execution destination, and the priority order. Instruct to store in association with. Specifically, a sort instruction is performed.

  Based on an instruction from the priority determination instruction unit 60, the priority storage unit 70 stores the market price information of the specific securities in which the priority, the trading value, the trading quantity, and the transaction execution destination are associated with each other.

  FIG. 5 shows a table 510 showing the market price information of the specific securities in which the priority, the trading value, the trading quantity, and the transaction execution destination stored in the priority storage unit 70 are associated with each other.

  FIG. 5 is a diagram showing a table showing market price information in which the market price information of a specific security is associated with a priority, a trade price, and a transaction execution destination. Specifically, the market price information (plate information) of the Tokyo Stock Exchange, Osaka Securities Exchange, and Nagoya Stock Exchange in FIG. 3 is rearranged according to a predetermined key.

  The table 510 shown in FIG. 5 includes the priority, the market as a transaction execution destination, the price, the sales volume, the current trading volume, and the past trading volume. The data of rank 1 means that the demand for selling 6000 shares at 800 yen out of the sales price exists as board information on the Nagoya Stock Exchange. This information exists as data in the fifth row of the table 330 in FIG.

  The data of rank 2 means that demand for selling 3000 shares at 800 yen out of the sales price exists as board information on the Tokyo Stock Exchange. This information exists as data in the fifth row of the table 310 in FIG.

  The data of rank 3 means that demand for selling 4000 shares at 801 yen in the sales price exists as board information on the Tokyo Stock Exchange. This information exists as data in the fourth row of the table 310 in FIG.

  Hereinafter, the data up to rank 4, rank 5,... This table 510 is a data table obtained by combining the selling price data of the tables 310, 320, and 330 in FIG. 3, sorted in ascending order of price, sorted in descending order of sales volume, sorted in descending order of the day volume system, Sorted by daily volume system.

  Returning to FIG. The order transmission instructing unit 80 associates the trading order of the specific securities with the trading value based on the trading value with the higher priority stored in the priority storage unit 70 and the order data received by the order data receiving unit 20. The order placement system 400 instructs the order receiving system 300 to place an order with the business execution partner. The market price information transmission instruction unit 30, the priority order determination instruction unit 60, and the order transmission instruction unit 80 that issue instructions to other functional blocks constitute a control unit 90 as a whole.

  FIG. 6 is a flowchart showing the execution destination selection method according to the present invention. Here, a buy order will be described as an example, but the same applies to a sell order. First, a customer issues a purchase order for a specific brand of securities (S410).

  At this time, it is determined whether or not the stock exchange desired by the customer is designated (S420). When there is no designation of the stock exchange by the customer, stock price information data at each stock exchange of how to sell a specific brand that the customer desires to buy or sell is acquired (S430).

  Next, the computer determines the priority order based on the result of rearranging the predetermined data in the data table 510 storing the data relating the sales price, the sales volume, and the transaction execution destination.

  Specifically, a table is formed by combining the selling stock price information data of each stock exchange (S440), the ascending order is instructed by the selling price (S450), and the descending order is instructed by the selling quantity (S460). Further, the descending order is instructed by the trading volume on the day (S470). Furthermore, the descending order is instructed based on the past trading volume (S480). Thereby, the table 510 shown in FIG. 5 is created.

  FIG. 7 is a flowchart showing a trading routine. In accordance with the table shown in FIG. 5, it is determined whether there is a desired selling price (S710). If there is a desired selling price, it is determined whether the selling quantity is sufficient (S720), and the selling quantity is sufficient. If there is, a step (S730) of issuing a buy / sell order causes the computer to issue a buy order to the trade execution destination associated with the highest priority data.

  If the selling quantity is insufficient, a selling order is issued in the following manner. First, in accordance with the priority order determined in the steps for determining the priority order (S460 to S470), a purchase order instruction for the amount sufficient is given (S730).

  The step of issuing the remaining trading order is sufficient when the computer determines that the trading order cannot be completed only by issuing the trading order to the trading execution destination associated with the highest priority data (S720). After the purchase order is instructed (S730), the remaining purchase orders are issued to the business partners associated with the lower order data according to the priority order. (S740, S750).

  Specifically, if it is assumed that the selling price is 800 yen, the selling volume is 2000 shares in the ranking 1, the selling price is 800 yen, the selling volume is 1000 shares, the selling price is 801 yen in the ranking 3, and the selling volume is 1000 shares. If it is desired to purchase 2000 shares, there is a desired selling price in priority order 1 (S710), and the selling quantity is sufficient (S720), so a buy order instruction is issued (S760).

  On the other hand, when it is desired to purchase 3000 shares at 800 yen, the selling price matches only with the selling price of rank 1 (S710), but the selling quantity is insufficient (S720). Accordingly, a purchase order for 2000 shares of rank 1 is placed (S730), and rank 2 is referred to. The ranking 2 is 800 yen (S740), and 1000 shares are sold, so the quantity is sufficient (S750), and a buy order is instructed according to the ranking 2 (S760).

  In this case, if the selling quantity is insufficient in step (S750) and there is no desired selling price in the lower priority order (S740), the buying and selling is ended for the time being, and the remaining desired buying is put on hold.

  The flowchart in the case of a purchase order has been described above. In the case of sell orders, it is possible to process in the same way. In that case, a table that combines the stock price information data of each stock exchange is created, and sorting in descending order by buy price is instructed. The same processing can be performed by instructing the descending sort by the quantity, instructing the descending sort by the trading volume on the current day, and instructing the descending sorting by the trading volume of the past day. In the case of buy orders and sell orders, “overnight trading volume” means an average volume during a predetermined period, and the predetermined period can be arbitrarily set by a securities company or the like. However, the “overnight trading volume” may be the trading volume of the previous business day, or the total volume of the predetermined period before the previous business day may be used, and the handling is not limited at all.

  FIG. 8 is a diagram showing a data structure showing information used for buying and selling stocks in the securities trading system 130 in which the execution destination selection system 10 according to the present invention is used. Trading order data 810 input from a face-to-face terminal or a call center terminal (not shown) of a securities company is a customer code (“00001”), desired brand (“AA Electric”), transaction classification (“Buy”), quantity (“5000 shares”), type (“limit price”), limit price (“800 yen”), and exchange (“best”). You may comprise so that a customer code and an account number may be linked | related. According to this data, when the desired exchange is not designated by the customer, “best” is stored for the exchange, and when the exchange column is “best”, the execution destination of the present invention described above is stored. The process proceeds to processing in the selection system 10. The brand, transaction classification, quantity, type, limit data based on the data 820 input from the order receiving system 300 to the execution destination selection system 10 is data necessary for the execution destination selection system 10 of the present invention.

  When the stock exchange selected by the execution destination selection system 10 is the Nagoya Stock Exchange, “name” is stored in the column of the exchange as shown in the data 830 and transferred to the order receiving system 300. Data is transferred from the order receiving system 300 to the ordering system 400 and an order is placed. At this time, the customer code associated with the data 810, the order date and time and the transaction number are stored (data 840), and the data is actually sent to the Nagoya Stock Exchange (data 850). In addition, since the customer code is not required for the data 850 transmitted to the stock exchange, the customer code column may be blank.

  The data structure in the case of a purchase order has been described above. In the case of a sell order, the same processing can be performed. In this case, the transaction classification is “sell”.

  Note that the method and system according to the embodiment of the present invention can be realized by a dedicated device, but can also be realized by a normal computer system using a computer program created in an arbitrary language. The above-described processing can also be executed by installing the program from a medium (flexible disk, CD-ROM, DVD-ROM, etc.) storing the program.

  Any technique for supplying the program to the computer is also optional. For example, you may supply via a communication line, a communication network, a communication system, etc. Then, by starting this program and executing it in the same manner as other application programs under the control of an OS (Operating System), the above-described routines and steps can be executed.

  The execution destination selection system and method according to the present invention combine the board information for each execution destination and rearrange them according to the priority order of the execution destination advantageous for the customer, so that the execution of trading is smooth and the information system field of securities trading Use in is expected.

It is a block diagram which shows the structure of the whole system containing the securities transaction system using the execution destination selection system which concerns on this invention. It is a block diagram which shows the securities trading system containing the execution destination selection system which concerns on this invention. It is an example of the table which showed the market price information (board information) which is the stock price information of the specific securities for each stock exchange at the specific time. It is an internal block diagram of the execution destination selection system which concerns on this invention. It is the figure which showed the table which shows the market price information with which the priority, the sale price, and the transaction execution destination were linked | related with the market price information of specific securities. It is a flowchart which shows the execution destination selection method which concerns on this invention. It is a flowchart which shows a trading routine. It is a figure which shows the data structure which shows the information used for trading of stock.

Explanation of symbols

DESCRIPTION OF SYMBOLS 10 Execution destination selection system 15 Execution destination selection part 20 Order data reception part 30 Market price information transmission instruction part 40 Market price information reception part 50 Market price information storage part 60 Priority order determination instruction part 70 Priority order storage part 80 Order transmission instruction part 90 Control part 100 Overall system 110 Investor 120 Face-to-face terminal and call center terminal 130 of securities company Securities trading system 135 Communication line 140 Broker A
145 Broker Z
150 Information Vendor 160 Stock Exchange A
170 Stock Exchange Z
200 Market value management system 300 Order receiving system 400 Order ordering system 310 Table 320 Table 330 Table 510 Tables 810 to 850 Data

Claims (5)

From a market price management system that acquires the latest market price information of securities to be traded, an order receiving system that receives orders for buying and selling specific securities from customers, an order placement system that sends ordered trading orders, and an execution destination selection unit An execution destination selection system configured by a computer,
The execution destination selection unit is
An order data receiving unit for receiving the order data when order data for ordering buying and selling of the specified securities is input to the order system;
A market price information transmission instructing unit that issues an instruction to transmit the market price information of the specific securities in the execution market to the market price management system when it is detected that the order data has been received by the order data receiving unit;
Based on an instruction from the market price information transmission instruction unit, a market price information receiving unit that receives the market price information of the specific securities transmitted by the market price management system from the market price management system;
A market price information storage unit for storing the market price information of the specific securities received by the market price information reception unit for each data associated with the trading value and trading volume, and the transaction execution destination;
Instruction to read the market price information stored in the market price information storage unit, rearrange the trading price data in ascending or descending order and store them in association with the priority order while maintaining the association with the trading quantity and the trading execution destination A priority determining instruction unit,
Based on the instruction by the priority determination instruction unit, a priority storage unit that stores the market price information of the specific securities associated with the priority, trading value, trading volume, and transaction execution destination,
The trading order of the specific securities is transferred to the trading execution destination associated with the trading value based on the trading value of the higher priority stored in the priority storage unit and the order data received by the order data receiving unit. An execution destination selection system comprising an order transmission instructing unit that instructs the order receiving system to place an order.   The execution destination selection system according to claim 1, wherein the execution counterparty is a stock exchange.   The execution destination selection system according to claim 1, wherein the order transmission instruction unit places an order by dividing the sales amount of the order data according to the priority order. An execution destination selection method for selecting the best execution destination when placing a trading order of securities to a trade execution destination,
A data table storing data associating trading prices, trading quantities, and business execution destinations with a computer determining priority based on a result of rearranging predetermined data; and
A computer issues a buy / sell order to a trade execution destination associated with the highest-priority data;
When the computer determines that the trade order cannot be completed only by issuing a trade order to the trading execution destination associated with the highest-priority data, the computer associates the data with the lower-order data according to the priority order. Issuing a remaining trading order to a given trading partner. The program which makes a computer perform the execution destination selection method of Claim 4.